June 12, 2009 (FinancialWire) — CBL & Associates Properties, Inc. (NYSE: CBL) said that the underwriters of its recent public offering of 58.35 million shares common shares have exercised their option to acquire 8.28 million additional shares of the company’s common stock.

Merrill Lynch & Co. (NYSE: MER) and Wachovia Securities (NYSE: WB) acted as joint book-running managers.

As a result of the exercise of this option, the company sold a total of 66.63 million common shares in the offering for net proceeds of around $382.0 million.

CBL plans to use the net proceeds from the offering to repay outstanding borrowings under its credit facilities and for general corporate purposes.

Chattanooga, Tennessee-based CBL is an owner and developer of malls and shopping centers in the United States. CBL owns, holds interests in or manages 159 properties, including 88 regional malls and open-air centers. The properties are located in 27 states.

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